BANKRUPTCY.

Gisborne Times, Volume XXV, Issue 2034, 20 March 1907, Page 1

BANKRUPTCY.

At the office of the Deputy Official Assignee (Mr. John Coleman) yesterday afternoon, the first meeting of creditors in the estate of S. T. Stanton, tea blender, was livid. Present: Debtor and bis solicitor (Mr E. IT. Mann) and Air. H. J. Bushnoll. Debtor’s statement showed his unsecured liabilities to be £lO3 9s Id, assets £l2l I os, and deficiency £4l 14s Id. He had been storckccping in Wellington for three years and was successful in it. After selling out lie had £2OO, which formed his capital for tho tea business in Gisborne, lie

did very little business, bis receipts averaging £24 per month, and his expenses about £2O. Rent averaged £2 os per week. As “lie was losing he shifted to Gladstone road to improve his jiosition, but did no better there. That place was closed up, and ho added grocery to the business. While lie had a canvasser on the latter made his wages, but tilings did not look up and lie kept going till January. About Ist February he discovered that he was insolvent and started to realise on bis stock to pay his creditors.,Ho thought be could pay in full then. He made up a balance sheet about January. He realised the greater part of his stock and then saw his solicitor, who recommended him to offer his creditors 10s in the £. Three of them to whom about £3O was owing, . refused this offer. Acordingly his solicitor was again consulted and lie was then advised to file and be did so, although none of liis creditors were pressing him. The fittings lie estimated to bo worth £lO, the partition £3, and the scales £lO. He returned about worth of goods to the merchants —Turnbull, Wellington, Foster, Wellington, and Alennie, Auckland—thinking this tlio best moans of disposing of them. This was before the creditors refused to take 10s in the C about 7th February. Tlie goods he got from Gilmore and Co. were sold. He intended in March of last year to leave, but was prevented by the arrival of an indent of £6O worth of crockery, which he tried to cancel, but it late. He went to Wellington and saw bis creditors there, who said they would not press him so long as ho did not increase the debt. Air Mnnn said debtor bad not misconducted his business, but had largo expenses.

The Deputy Assignee thought it was hardly right to return goods when be was insolvent. Air. Maiiu said that on February 7th debtor could pay 20s in tho £. The cause of bankruptcy was eoutin-. used misfortune from the time ho got tho crockery till the time bis boy died. His experiments in shifting shops did not help matters.

It was decided to sell the stock and furniture by public auction and divide the proceeds with the creditors.